5 Things to Do When Dealing with Property Transactions in Queensland, Australia
When it comes to real estate transactions, you need to be extra careful with your decisions. Before closing a deal with a property agent, weigh your options and analyse the terms they are offering.
This is one of the reasons investors in Queensland, Australia are hiring property lawyers in Charters Towers. These professionals can ensure that you are on the right track.
Here are a few pointers to avoid scams and other problems:
1. Request for a Copy of the Land Title
The first thing you need to check is the land title or the title deed. The seller or the property manager should present the original copy. Contact the local municipal office to ensure that the document is clean. Usually, the land title contains important information, such as the mortgage records, covenants, caveats and easements.
2. Put Everything in Paper
Any settlement or agreement even with your lawyer should be well documented. Make sure you have a paper trail of every discussion to avoid any dispute in the future. Review the terms before signing any document.
3. Get a Good Agent
Work with a licensed property manager or real estate agent. Ask for referrals from your family and friends. The agent should know the ins and outs of every property investment transaction. These professionals can even help you negotiate the price.
4. Research the Market
Property investments involve a significant amount of money. It only makes sense to know more about the market value of the property you are buying or selling. Stay updated with the price changes.
5. Be Clear on Your Agent’s Commission
There should be clarity between you and your agent when it comes to their commission. Whilst they usually prefer a percentage of the selling price, others go for a fixed rate. Again, have it documented and signed by both parties to avoid any discrepancy.
These are just some of the things you should consider when dealing with property transactions. For your own safety, be familiar with commercial and rural property laws and consult an expert if necessary.